Layoffs imminent? Include these 4 steps in your plan

Before you take this step, however, it makes sense to consider alternatives. Ask yourself whether expense reductions can be accomplished using less drastic means. For instance, a freeze on hiring, promotions,or pay raises may reduce costs to an acceptable level. Asking employees to pare down their work hours is another option.
If these options do not reduce costs to an acceptable level, a layoff scenario may be unavoidable. Nevertheless, it pays to proceed with caution.Here are a few things to confirm before you start staff reductions:

• You know what the company will need going forward. Focus on positions and departments, not individual workers. Hacking away indiscriminately is a sure way to damage your company’s prospects further.

• You have a legitimate business reason for laying off employees. This might include declining sales, loss of a key contract, or burgeoning supply costs. Ensure that discrimination plays no part in staff reduction.

• You have written personnel policies that describe when and how your company will conduct layoffs. If you haven’t established such rules, don’t wait for a business downturn to document them.Check any employment contracts to make sure provisions aren’t violated, including an employee’s right to severance pay.

• You have a communication plan for your staff. Regularly communicate with your staff, preferably well in advance of any layoff action. Keeping employees informed about business realities can mitigate hard feelings and allow them to adjust, if necessary, to employment apart from your company.

For more financial advice, please schedule a meeting with our team and we’d be happy to help you: http://www.bas-pc.com/schedule.

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5 ways to get smart when giving | Payroll services New Jersey

You probably participated in many charity events and fundraisers during the holiday season. If you plan to give again during 2019, here are a handful of charitable donation strategies to consider if you want to boost your deductions:

• Audit-proof your claims. The IRS imposes strict substantiation rules for charitable donations. In fact, you’re required to keep records for all monetary contributions, no matter how small. The best approach is to obtain written documentation for every donation.

• Charge it. The deductible amount includes charitable gifts charged by credit card before the end of the year. This covers online contributions using a credit card. So,you can claim a current deduction for donations made as late as Dec. 31.

• Give away appreciated stock. Generally, you can deduct the fair market value (FMV) of capital gains property owned longer than one year. For instance, if you acquired stock 10years ago for $1,000 and it’s now worth $5,000, you can deduct the full $5,000. The appreciation in value isn’t taxed.

• Sell depreciated stock. Conversely, it usually doesn’t make sense to donate stock that has declined in value, because you won’t receive any tax benefit for the loss. Instead, you might sell the stock and donate the proceeds. This entitles you to a capital loss on your return, plus the charitable deduction.

• Clear the storage space. The tax law permits you to deduct charitable gifts of used clothing and household goods that are still in “good used condition or better.”Don’t be so quick to discard items that can be donated to charity.

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3 big ways the tax code helps natural disaster victim

When natural disasters occur, many people are often left with damaged or destroyed homes and businesses. Some lose everything they own. If you are affected by a disaster that is declared by the president to qualify for federal assistance, there are several provisions in the tax law that may provide relief:

1. Extended tax deadline and interest abatement. The IRS is authorized to postpone the deadlines for filing returns and paying taxes for up to 120 days in a federally declared disaster area. Also, the IRS will not charge interest that would otherwise accrue for the extension period.
2. Faster refund. Taxpayers suffering losses in a federal disaster area have a choice of which tax year to deduct the casualty loss. You may deduct it on the return for the year the loss occurs, or it can be claimed on your prior year’s tax return. Amending your prior year’s return may give you a refund of much-needed cash sooner than waiting to deduct the loss on your current year’s tax return.
3. Tax-free gain. If the insurance payments you receive exceed the tax basis of your property, you will end up with a casualty gain. Casualty gains in federally declared disaster areas receive special tax treatment. Read more...
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Seasonal spender or credit card addict? | Bookkeeping services NJ

It’s not a big surprise if you found yourself reaching for your credit card more often around the holidays. The National Retail Federation projected that consumers would spend an average of $1,007 on gifts, decorations,and candy this season.

However, if you’ve noticed your plastic habits don’t fluctuate throughout the year, it could mean you’re living beyond your means … and you may be heading for financial disaster.Here are some ways to tell that you need to get your spending habits under control:

• Your credit card balances keep growing. If you’re only tackling minimum payments, you’re not going to see your credit card balance go down. To start digging yourself out of a financial hole, try paying double the minimum payment amount. Then keep doubling it. Your goal should be to pay the total balance on your credit card each month.
• You’ve got a lot of rotating plastic. Have you taken out a cash advance on one credit card to pay off another, then applied for another card when the first comes due?Stop. Instead, make a list of your credit cards and balances and start working backwards. If you opened two new cards last year, work to eliminate the balances of those two card cards in 2019. Then move on to the next two, and so on.

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Private companies: How to go up against the big guys

At the point when enormous box stores come to town, in what capacity can an independent venture effectively contend? That is an intense inquiry. While one answer doesn't fit all cases, certain systems have demonstrated powerful for some organizations. Think about these thoughts:

Contend individually terms. As an independent company, it's far-fetched you'll have the capacity to contend with bigger contenders based on cost alone. Give your clients an option that is other than deal costs.

Gain by your points of interest. Build up close bonds with clients, and give administrations custom fitted to their individual needs. In the event that you possess a tool shop, for instance, you may give free conveyance and get together to a few things. The key is to create inventive approaches to fulfill your clients' needs and hold their steadfastness.

Contract (and keep) the best workers. Private ventures can be extraordinary work environment. By giving inside and out preparing and a pleasant workplace, your representatives will for the most part furnish a proportional payback by treating clients well. On the other side, we've all met staff individuals at across the nation chains who were scatterbrained or out and out impolite. Independent ventures can't bear to overlook objections or permit poor client benefit. Try not to give one representative a chance to make an awful notoriety for your business.

Grow your wellsprings of income. Perhaps you possess a coffeehouse and a notable espresso organization is moving in. Try not to quit! Add taking into account the administrations you offer. On the off chance that a bigger contender comes to town, you may lose some piece of the pie, however new wellsprings of income can counterbalance those misfortunes.

Separate your item or administration. Perhaps you give fresher deliver in light of the fact that it's developed locally. Or on the other hand maybe you offer claim to fame things that alternate folks don't convey. Tell your clients about these distinctions, and they'll come to you when something uncommon is required.

Keep in mind, there will dependably be room in the commercial center for organizations — regardless of whether enormous or little — that give quality items at a sensible cost and cordial educated administration. For more business exhortation, plan a gathering with our team :
http://www.bas-pc.com/schedule.

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3 Simple Steps in Outsmart Email Scams

There’s no doubt you’ve seen an email touting a too-good-to-be-true offer in your inbox every now and then. Random pleas from mysterious people who need your help recovering inheritances they promise to share with you probably makes you shake your head and hit delete.But what do you do when an email says it’s from the IRS and claims you’re about to be audited by the Criminal Investigation Division? You follow these steps:

• Stop and think. You’ve never given the IRS your email address in relation to your tax return. Even if you had, the government does not initiate requests for personal information such as your bank account, credit card, or Social Security numbers via email. 2.

• Contact the IRS. Without clicking on any links or responding to the email, forward the entire message to phishing@irs.gov.The IRS is continuously working to investigate and shut down online fraud. Note that you may not get a response from the IRS when you report scams.3.

• Delete the e-mail. Besides the audit scam, other common email tax schemes include additional money due, bogus government grants,and requests for you to check the status of your refund.

Tax scams never die. Before you react to any communication from —or purporting to be from —the IRS, stop and review the facts. If it seems suspicious, it’s probably for a reason. If you need further assistance, don’t hesitate to reach out to our team: http://www.bas-pc.com/schedule.

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